After going through a divorce, marriage may well be the last thing on your mind. But second marriages happen, as do third, fourth and fifth. Entering into another commitment should be an exciting experience rather than one to be wary of. However, it is understandable to be nervous when entering into another marriage. For many who had experienced difficulties in a previous separation which centralised around children and finance.
It is a natural instinct to want to protect what you feel is rightfully yours. We can help you through our asset protection service
An Asset Protection agreement is a legally binding document. It sets out what each party is entitled to should the relationship breakdown.
An Asset Protection Agreement is a report in which you set out the rights in connection to:-
If you were to find yourself in this position, protecting your assets for you and your children is of upmost most importance.
This agreement will preserve the expectations of the parties and prevent any surprises which may arise in the event of a divorce. The agreements can also extend into specifying and protecting future potential income and assets. For example acrued from a business, deceased spouse or through heritance. If your marriage to your new spouse should end this legal document will protect your future assets for your children.
You can even protect yourself against spending money on legal fees in the event of a marriage breaking down. It is also sometimes called a Pre – nuptial Agreement.
If the answer is YES to any of the situations below, an Asset Protection Agreement could be an advantage to you.
It is highly likely that at some point you will want to move on with your life involving someone else. Past experience can help you avoid making the same mistakes again. But we are all human! And the marriage statistics for the UK make it important, to be sure they enter any future relationships, with their eyes open and what is important to them is properly protected.
Statistics on Marriage
4 in 10 marriages include at least one partner whose married before
2 in 10 marriages had both parties previously married
50% of first marriages end in divorce
67% of second marriages end in divorce
73% of third marriages end in divorce
If you feel that a prenuptial is relevant, a great approach to do it is up close and personal with your partner and an unbiased arbiter in the same room continuously. With the go between, you both can commonly characterize the terms of your prenuptial agreement and straightforwardly examine the worries that are driving you towards needing a prenuptial understanding. A talented arbiter will listen to both sides and can help you concentrate on what is very important and what is less important.
When you get married many assets become ‘marital assets’ and used for consideration for division between you. The fundamental reason for an Asset Protection Agreement is to determine who owns what before entering into the marriage; therefore, if the marriage were to break down there would be a clear, legal document stating what would belong to whom.
At present an Asset Protection Agreement does not convey the same weight as a Court arrangement. It won’t “naturally” be upheld by an English or Welsh court in the case of a separation and/or contradiction.
An Asset Protection Agreement is confirmation of your expectations to each other in the event the relationship breaks down. One of the mechanisms a court will consider when assessing all the circumstances of your case, is the agreement providing the preparation is correctly done.
The Court will consider:
Divorce Negotiator is able to advise, guide and draw up this agreement with both parties. The approach is straight forward and sensitive to ensure you are happy with the arrangements from the very beginning. You will both need to provide full disclosure of your financial positions. You should carefully consider the terms of the agreement to ensure they are as clear as possible. This will ensure there is no misunderstanding should they need to refer back at any point.